The October labor market report for the U.S., released Friday morning, suggests modest improvement for the economy at the start of the fourth quarter. Employment rose at a satisfactory pace, with gains spread widely by sector. Although the jobless rate ticked higher, it reversed only one third of the previous month’s fall, and the October increase reflected a jump in participation (such that the employment-to-total-population ratio actually moved up). While wage increases remain meager, job gains are keeping total household income climbing at a pace consistent with decent consumer spending growth (especially because inflation is going through a soft patch, supporting real income).